The Ministry of Industry and Trade (MoIT) recently introduced a draft law on foreign trade management, which is expected to create uniform legal grounds to support importers and exporters.
Accordingly, the draft proposes clarification of traders’ rights to freedom of import and export in light of the 2013 Constitution and international commitments of Vietnam.
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| Traders without foreign direct investment capital would be allowed to conduct import and export activities regardless of their business registration lines__Photo: Internet |
The draft says that traders without foreign direct investment capital would be allowed to conduct import and export and other related activities regardless of their registered business lines, except goods banned from import or export under this draft law and goods suspended from import or export.
Under the draft, scheduled to be submitted to the National Assembly next year for approval, branches of Vietnamese traders may carry out foreign trade activities as authorized by these traders and prescribed by law.
Foreign-invested Vietnamese traders or branches of foreign traders in Vietnam would exercise import and export rights and perform foreign trade management obligations and measures specified in this draft law and Vietnam’s commitments in relevant treaties.
These traders or branches would exercise the right to export through buying goods in Vietnam for export abroad, excluding the right to organize networks for buying goods in Vietnam for export. They may import goods from abroad into Vietnam for selling them to traders licensed to distribute such goods in Vietnam, excluding the right to organize or participate in goods distribution systems in Vietnam.
Foreign traders without presence in Vietnam, and organizations and individuals of countries and territories being members of the World Trade Organization or having bilateral trade agreements with Vietnam would have import and export rights under the Vietnamese laws and treaties of which Vietnam is a member.
The nine-chapter and 119-article draft law specifies administrative measures, technical measures, quarantine, trade remedies, and urgent control in foreign trade activities.
It is also expected to provide state management agencies with sufficient tools for conducting flexible administration of foreign trade activities to meet international integration requirements.- (VLLF)
